Sunday, March 13, 2016

"Four transfers to accounts in the Philippines, totaling about $80 million, worked. But then a fifth request, for $20 million to be sent to an apparently fictitious Sri Lankan nonprofit group, was flagged as suspicious by a routing bank because of the “fandation” error.

Bangladesh’s central bank was able to stop that transaction after the routing bank asked for confirmation. “The Sri Lankan bank did not disburse it immediately, and we could recover the full amount,” the central bank told the Financial Times."